- 2018-01-02
- NJTV
While the tax code rewrite was working its way through congress, New Jersey Chamber of Commerce President and CEO Thomas Bracken called it “very dangerous” for New Jersey, warning it would harm property values and make the state “less competitive.” What does he think now? Recently Bracken, an NJTV trustee, sat down with business correspondent Rhonda Schaffler.
The New Jersey Chamber of Commerce congratulates Gov. Christie for issuing an executive order directing municipalities to accept prepayment of at least a portion of 2018 property taxes before Dec. 31, 2017.
For many property taxpayers in New Jersey, this could ease some of the sting - at least for the year 2018 - of the recently approved federal tax reform legislation.
While this is a welcome benefit to those who can take advantage of a prepayment, it does not negate the fact that the net impact of the new 'Tax Reform and Jobs Act' will be a negative to our state.
We hope the governor's executive order is the beginning of more state policy in 2018 that will further mitigate the impact of the federal legislation on the taxpayers of New Jersey.
New Jersey taxpayers should monitor any IRS rulings related to this subject and consult a tax advisory to help determine if pre-paying taxes would benefit them.
The Tax Cuts and Jobs Act will soon become law. Since the bill was proposed, the State Chamber has expressed its opposition.
Although we are pleased with, and applaud, the business and individual tax reductions, there are many aspects of the proposal that will be extremely detrimental to our state. The full impact of the legislation will put New Jersey into the category of one of only three to six states that will 'lose' after adoption. States with high income tax, high property tax and high real estate values will be hardest hit by the bill. New Jersey qualifies in all three categories.
While the final impact of the act will take some time to be accurately determined, there is no question that it will exaggerate New Jersey's very real and significant problems of affordability, out-migration and business competitiveness. We were beginning to make progress on these issues, but our positive momentum is about to be reversed in the wake of this legislation. Our great state deserves to be a better place for our citizens to live and work and, with all of our enormous assets, we should be one of the most attractive states for business. But we are not, and our path to getting there is about to become more challenging.
While we have no choice but to accept the new law, we do have the option to look within the state to identify and take mitigating action that will keep New Jersey moving in a positive direction. It is imperative that the new Legislature and new administration take a broad and introspective look at how we can counteract this so-called gift from Washington. We ask that this brainstorming include the business community, as all of us have a very strong and vested interest in New Jersey's prosperity.
The New Jersey Chamber of Commerce congratulates Gov.-Elect Murphy for nominating Catherine McCabe to be the next New Jersey Department of Environmental Protection commissioner.
She brings a wealth of experience, including a decade at the Environmental Protection Agency and more than 20 years at the Department of Justice, where she focused on environmental issues.
The state DEP commissioner is a crucial post. Sound DEP policy is critical to both the health of New Jersey's environment and its economy. We look forward to working with the nominee.
The New Jersey Chamber of Commerce applauds Gov.-elect Murphy's nomination of Diane Gutierrez-Scaccetti for commissioner of the state Department of Transportation.
Gutierrez-Scaccetti is a proven professional in the transportation sector having formally served with distinction as executive director of New Jersey Turnpike Authority and currently serving as executive director of Florida's Turnpike Authority.
This role is vitally important to New Jersey because of the importance of infrastructure to our overall economy, and we look forward to working with Gutierrez-Scaccetti on infrastructure needs.
The New Jersey Chamber of Commerce congratulates Gov.-elect Phil Murphy for his nomination of Assemblywoman Elizabeth Muoio as state treasurer.
Assemblywoman Muoio has served with distinction on the state Assembly's Budget and Economic Development committees and as Mercer County's Director of Economic Development & Sustainability.
We believe Assemblywoman Muoio's experience in economic development and her knowledge of the state's finances combined with her strong business background will serve her well in this new capacity.
The New Jersey Chamber stands ready to work with Assemblywoman Muoio and with the new administration to help improve New Jersey's economy and make our state more competitive and more affordable.
- 2017-12-06
N.J. Chamber of Commerce members celebrated the start of the holiday season at Calandra's Italian Village in Caldwell on Nov. 30. Guests spent the evening networking while enjoying delicious Italian cuisine. Enjoy the holidays!
A special thank you to our sponsors: Garden State Development, Horizon Blue Cross Blue Shield of New Jersey, Kearny Bank, United Parcel Service, Wilentz, Goldman & Spitzer, P.A., and WithumSmith+Brown.
The New Jersey Chamber of Commerce congratulates Gov.-Elect Phil Murphy and Lt. Gov.-Elect Sheila Oliver on their impressive win last night, and we wish them every success.
We must also thank Lt. Gov. Kim Guadagno for her eight years of service in Trenton, and all she has done to support the business community during that time.
We look forward to working with the new governor and his team, and members of the Legislature, as we promote a strategic plan for a more affordable New Jersey, as outlined in a white paper we presented last month in conjunction with the Opportunity New Jersey coalition.
The time for action is now. Our residents and businesses need proactive vision and leadership so we can all afford to live, work and flourish in New Jersey.
This proposed legislation eliminates state and local tax deductions, which impacts 52 percent of families in New Jersey. It would limit property tax deductions to $10,000 and reduce mortgage interest deductions, both of which would erode property values, one of the most important financial assets for New Jersey families. Also many New Jersey taxpayers would see an increase in their federal taxes due to a change of rates.
This proposal is exactly what we do not need at this time.
If this legislation is approved, people and businesses will have another reason to leave New Jersey, and people thinking of living here or moving their business here will have another reason to look for an alternative.
At a time when the vast majority of candidates for tomorrow's election, including both major gubernatorial candidates, are stressing the need to become more affordable and competitive, this legislation would make New Jersey less affordable and less competitive, and impede our ability to climb back to an acceptable level of prosperity.
For these reasons, we cannot support this legislation in its current form.
We urge everyone in New Jersey to contact their Congressional representatives and tell them to oppose this legislation and to replace it with a bipartisan approach that fixes the tax code in a way that is fair and equitable for everyone.
- 2017-10-31
Richard S. Mroz, president of the state Board of Public Utilities since 2014, discussed New Jersey's Energy Master Plan and the work the state is doing to prepare for the next threat in the post-Sandy era, during an Oct. 31 address to business leaders.
Superstorm Sandy did many things five years ago - and one of them was to force the state and its utilities to get innovative.